Meta stocks fall after Google delivers a major blow to Zuckerberg's social media empire
According to the New York Post, "Google is kicking Meta while it's down."
The search engine giant announced that it's planning to restrict cross-app tracking on mobile devices that use its Android operating system, which will reduce the potency of Facebook and Instagram ads. The announcement comes on the heels of Apple's move last year that lets iPhone users opt out of cross-app tracking.
After Google's announcement this Wednesday, Meta’s shares fell 3.5%, adding to the more than $300 billion of the company’s market value that has been wiped out.
“This is another body blow for Facebook,” Wedbush Securities managing director Dan Ives told The Post. “Google and Apple are together taking down Facebook in a way the Beltway could only dream of.”
Read the full report over at the New York Post.
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